thenewscrypto.com
- Jito ($JTO) price is showing extreme bullish momentum on the technical chart.
- $JTO price surged by 20% in the last 24 hours, showcasing the buyers’ dominance.
Jito ($JTO) has shown an attractive technical recovery trend in the last few months, showing bullishness. As per CMC data, at the time of writing, the coin is changing hands at $2.29, against all odds after surmounting critical resistance boundaries. Looking at the price action, in April, $JTO found a solid support area at the $1.5408 area and bounced back, breaking above the 50-day EMA level.
The most impressive change is that $JTO has recently managed to break out above the falling trendline, which had been serving as dynamic resistance since the January highs. This escape with heavy volume indicates a possible change in the market trend, which could be bearish to bullish.
The price has already managed to retake the 50-day EMA at $1.9111 and is currently attempting to do the same to the 200-day EMA at $2.2547, which is a significant technical level.
What’s Next for Jito ($JTO) price?
On the momentum front, the $JTO MACD indicator is displaying bullish divergences. The MACD line has crossed above the signal line and has given a buy signal. The histogram is showing positive momentum that is increasing. Such a technical configuration usually occurs ahead of prolonged advancing price action, especially when it coincides with the existing price structure.
With an RSI level of 65.93, it can be viewed that $JTO is extending towards the overbought region, although it can extend further to the upside before it becomes extremely overbought. The Social Sentiment indicator is displaying a neutral level of -0.1979. It indicates that the retail sentiment is not yet in line with the technical improvement, and thus, there is a possible upside potential as more buyers become aware.
A resounding close above the 200-day EMA would probably saddle the next leg up, with the first targets coming in at the $2.70-$3.00 resistance area.
The risk control is vital, and the new support is at the $1.91 area (50-day EMA), whereas a dive under the $1.54 level nullifies the bullish scenario. Technical breakouts coupled with momentum indicators turning positive, along with a good risk-reward configuration. This makes $JTO a compelling candidate to continue uptrend as long as the wider cryptocurrency market environment continues to allow it.